Recently, a certain bank offered a 10-year CD that earns 2.11% compounded continuously. Use the given information to answer the questions. (a) If $40,000 is invested in this CD, how much will it be worth in 10 years? approximately $ (Round to the nearest cent.) (b) How long will it take for the account to be worth $60,000? approximately years (Round to two decimal places as needed.)
Recently, a certain bank offered a 10-year CD that earns 2.11% compounded continuously. Use the given information to answer the questions. (a) If $40,000 is invested in this CD, how much will it be worth in 10 years? approximately $ (Round to the nearest cent.) (b) How long will it take for the account to be worth $60,000? approximately years (Round to two decimal places as needed.)
Chapter10: Exponential And Logarithmic Functions
Section10.2: Evaluate And Graph Exponential Functions
Problem 10.32TI: Allan invested $10,000 in a mutual fund. If the interest rate is 5%, how much will be in the account...
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Transcribed Image Text:Recently, a certain bank offered a 10-year CD that earns 2.11% compounded continuously.
Use the given information to answer the questions.
(a) If $40,000 is invested in this CD, how much will it be worth in 10 years?
approximately $ (Round to the nearest cent.)
(b) How long will it take for the account to be worth $60,000?
approximately years (Round to two decimal places as needed.)
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